5/11 Recap.

This market isn’t looking so hot, we’re out of catalysts at this point. The debt ceiling showdown is coming fast. I bought some protection today, I will go over that down below, but you can see the weakness in the last few candles. We keep testing below the October low trend. Eventually it’s going to fall through. We have horrible breadth, a handful of large tech names are carrying this market, and now with earnings over, I’m not sure what the catalysts are. The move in Bitcoin today should be concerning to bulls as that’s been a tech proxy for years. The RSI is stalling out.

If you look at the weekly chart, I highlighted my concerns below. The red arrow is clearly showing even on this move up, the RSI can’t pump up, not ideal. The blue arrow is the last time the MACD began to roll over and you can see what happened. The yellow arrow is the current time and you can see the. MACD slowly, trying to rollover. It just doesn’t seem like the best time to be super bullish, hence why I put on a bearish trade that’s a little complex selling upside call spreads to finance buying puts to protect the just in case. This market has just headfaked us so many times in the last 15 sessions, I think this really may be it. Ask yourself, with GOOG,MSFT,AMZN,AAPL,META all up so much so quickly, what’s left that is going to take the overall market higher? I’m torn on that too. 4200 has been a wall for a while, if we get through that I will close my short position, but we’ve shown no indication we will be able to anytime soon.

Today’s Unusual Options Activity & What Stood Out

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